China's frequent crackdown on Bitcoin exchange has been acquired by Hong Kong

BTCC, formerly known as BTC China, was founded in 2011 by American Li Qiyuan. The terms of the company's sale have not been made public. BTCC announced that it will shift its business focus entirely to the international market and its three main products - BTCC mining pool "Guochi", Mobi digital asset wallet and US dollar spot trading platform, which will be managed by Zhao Qianjie, Ma Shiyuan and Cai Minjie respectively.

“We now have better resources to realize our vision of maintaining and stabilizing digital assets and blockchain networks,” Zhao Qianjie said in the statement. “In the future, BTCC will be committed to providing more fair, transparent, one-stop mining services to global users.”

Bitcoin transaction volume narrows in late month

Earlier this month, China stepped up its crackdown on cryptocurrency trading. People familiar with the matter told Bloomberg that China plans to crack down on over-the-counter centralized trading of virtual currencies, including Bitcoin, including website platforms and mobile apps that provide similar exchange services. China began taking measures against the market last year, first banning initial coin offerings and then ordering domestic exchanges to stop cryptocurrency trading.

“Today’s acquisition is a significant milestone for BTCC and a testament to our work in recent years,” said BTCC co-founder Li Qiyuan. “I am excited to have these resources to help BTCC grow its business even more aggressively from 2018 onwards.”

BTCC has not yet responded to Bloomberg News’ request for comment.